South Boston, Virginia Property Taxes
The median property tax rate in South Boston, VA is 0.50%, which is significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in South Boston at $86,538, the typical annual property tax bill is $433, well below the national median of $2,690. Property taxes in South Boston are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence exemption. Understanding South Boston's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of South Boston or another part of Halifax County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
South Boston, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s South Boston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Boston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Boston to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by Halifax County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across South Boston, Virginia
Property taxes in South Boston, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Boston is 0.50%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within South Boston set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Boston estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares South Boston's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24592 zip code has the highest median property tax rate of 0.50%, while the 24592 zip code also has the lowest median tax rate of 0.50%. Understanding how these cities compare with South Boston provides valuable insights into the varying tax landscape across Halifax County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average South Boston Tax Rate
0.50%
Average Halifax County Tax Rate
0.50%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Boston, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24592 | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across South Boston, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in South Boston, Virginia. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Halifax County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. Assessment notices in South Boston are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, the median home price in South Boston is $86,538, with tax bills ranging from $270 at the 25th percentile to $998 at the 90th percentile. Notably, the zip code 24592 has both the highest and lowest median tax bills at $433. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average South Boston Assessed Value
$86,538
Average Halifax County Assessed Value
$82,550
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across South Boston, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24592 | $30,318 | $53,936 | $86,538 | $132,820 | $199,471 |
Source: Ownwell
Property Tax Bills Across South Boston, Virginia
In South Boston, Halifax County, VA, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county's assessor, who evaluates the property's market value. This assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. For instance, with a median home price of $86,538, homeowners can expect varying tax bills. The tax bill at the 25th percentile is $270, while at the 75th percentile, it rises to $664. At the 90th percentile, the tax bill can reach $998. The median tax bill in the area is $433, which is significantly lower than the national median property tax rate of 0.99%. These tax bills can have a substantial impact on homeowners, influencing their monthly mortgage payments and overall financial planning. Lower property taxes can make homeownership more affordable, while higher taxes can add a significant burden.
Average South Boston Tax Bill
$433
Average Halifax County Tax Bill
$413
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across South Boston, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24592 | $152 | $270 | $433 | $664 | $998 |
Source: Ownwell